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Variable Interest Entities (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2025
Nov. 30, 2024
Variable Interest Entity [Line Items]    
Total liabilities [1] $ 12,118,759 $ 13,291,556
Assets [2] 34,986,103 41,312,781
Homebuilding    
Variable Interest Entity [Line Items]    
Total liabilities [1] 10,251,491 10,863,209
Consolidated inventory not owned [2] 3,454,642 4,084,665
Deposits and pre-acquisition costs on real estate 5,161,259 3,625,372
Liabilities related to consolidated inventory not owned [1] 3,037,085 3,563,934
Assets [2] 29,885,928 35,594,469
Land Bank | Homebuilding    
Variable Interest Entity [Line Items]    
Consolidated inventory not owned 815,900  
Deposits and pre-acquisition costs on real estate 2,200,000  
Liabilities related to consolidated inventory not owned 633,400  
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Consolidated inventory not owned 2,500,000  
Consolidated inventory not owned, not recorded 994,000  
Decrease in liabilities related to inventory not owned 630,000  
Increase (Decrease) in Consolidated Inventory, Not Owned, Recorded 630,000  
Variable Interest Entity, Not Primary Beneficiary | Homesite Takedown    
Variable Interest Entity [Line Items]    
Increase in homesite under options 801,400  
Decrease in liabilities related to inventory not owned 1,000,000  
Decrease related consolidated inventory not owned 1,100,000  
Increase (Decrease) in Liabilities Related to Land Under Purchase Options, Not Owned, Recorded 739,200  
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 2,400,000 2,700,000
Assets 3,000,000 3,700,000
Variable Interest Entity, Primary Beneficiary | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations    
Variable Interest Entity [Line Items]    
Total liabilities 19,500  
Assets 315,800  
Variable Interest Entity, Primary Beneficiary | Homebuilding    
Variable Interest Entity [Line Items]    
Consolidated inventory not owned 2,500,000 2,800,000
Liabilities related to consolidated inventory not owned $ 2,300,000 $ 2,600,000
[1] As of February 28, 2025, total liabilities include $2.4 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.8 million is included in Homebuilding accounts payable, $2.3 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $0.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
[2] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of February 28, 2025, total assets include $3.0 billion related to consolidated VIEs of which $72.3 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $5.6 million in Homebuilding finished homes and construction in progress, $342.4 million in Homebuilding land and land under development, $2.5 billion in Homebuilding consolidated inventory not owned, $67.7 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $11.7 million in Homebuilding other assets and $35.5 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.